In 2020, Godfrey received a $50,000 sales commission on a long-term contract. But in 2021, the customer filed for bankruptcy and his employer was not able to collect from the customer. Under the bonus agreement, Godfrey was required to repay the employer $20,000 of the bonus. Godfrey was in the 35% marginal tax bracket in 2020 but he is in the 24% marginal tax bracket in 2021. a. Godfrey should not have reported the income in 2020 because of the contingencies.
b. Godfrey can amend his 2020 tax return and reduce his taxable income by $20,000.
c. Godfrey can reduce his 2021 tax liability by 35% × $20,000 = $7,000.
d. Godfrey should deduct the $20,000 paid in 2021 and thus his tax savings will be $4,800.

4. project memo your supervisor has asked you to create a final copy of a memo announcing a special project. open the microsoft® word file ch01 memo from the data files. edit the memo to correct errors in keyboarding, punctuation, spelling, and word usage. submit the edited document to your instructor along with this assignment.to: department supervisorsfrom: tomas perezdate: january 3, 20--subject: playground projectas you now, are offices are close each year on observance of martin luther king, jr. day. this year, the company is organizing a service project for that day. we will be clean up the grove street playground and panting bushes, blubs, and flowers. the company is donating now playground equiptment and park benches. cleanup gear and tools will be provided, and a cook out will conclude the days’ activities. farther information will be provided as the date draws nearer. encourage the employee in you department too participate in this worthwhile effort.

Laurelton heating & cooling installs and services commercial heating and cooling systems. laurelton uses job costing to calculate the cost of its jobs. overhead is allocated to each job based on the number of direct labor hours spent on that job. at the beginning of the current year, laurelton estimated that its overhead for the coming year would be $ 61 comma 500. it also anticipated using 4 comma 100 direct labor hours for the year. in april comma laurelton started and completed the following two jobs: (click the icon to view the jobs.) laurelton paid a $ 20-per-hour wage rate to the employees who worked on these two jobs. read the requirements requirement 1. what is laurelton's predetermined overhead rate based on direct labor hours? determine the formula to calculate laurelton's predetermined overhead rate based on direct labor hours, then calculate the rate. / = predetermined overhead rate

Reagan corporation is a wholesale distributor of truck replacement parts. initial amounts taken from reagan's records are as follows: